New York Stock Exchange building at Wall Street in Manhattan, New York City. Adobe Stock image.
Sunshine Silver Mining & Refining Company is targeting a valuation of up to $2.32 billion in its US initial public offering, as the company seeks funds to restart a mine in Idaho that produced silver, antimony and other minerals.
The Kellogg, Idaho-based company is seeking to raise up to $330 million by offering 20 million shares priced between $13.50 and $16.50 apiece, it said on Tuesday.
North American mining companies are gearing up to test investor appetite for new listings after metals such as silver witnessed a surge in demand earlier this year.
Among the deals under consideration are Barrick Mining’s potential listing of its North American gold assets and McEwen Copper’s planned IPO, which aims to raise about $300 million by year-end to fund its copper project in Argentina.
Founded in 2010, Sunshine Silver focuses on the acquisition, redevelopment and operation of precious metal assets across North America.
The company is working to restart and expand a previously shuttered mine in Idaho’s Silver Valley, one of the largest historic silver-producing regions in the United States.
Its backers include The Electrum Group and Ospraie Management. According to the filing, Electrum is expected to retain more than 50% of Sunshine Silver’s outstanding shares following the completion of the IPO.
Sunshine Silver will list on the New York Stock Exchange under the symbol “SSMR”.
Morgan Stanley, Scotiabank and BMO Capital Markets are the joint lead book-running managers for the offering.
(By Atharva Singh and Pragyan Kalita; Editing by Devika Syamnath)